EFCC recovers additional $40 million from Nestoil, total hits $100 million
The Economic and Financial Crimes Commission (EFCC) has recovered an additional $40 million from Nestoil Limited in an ongoing investigation involving the oil and gas company, its affiliate Neconde Energy Limited and a consortium of lenders, bringing total recoveries under a repayment arrangement to $100 million. According to the lenders, the latest payment was made […] The post EFCC recovers…
The Economic and Financial Crimes Commission (EFCC) has recovered an additional $40 million from Nestoil Limited, raising the total recovered amount to $100 million. This payment was made on October 19, 2026, following a $60 million payment reported on August 17, 2026. The lenders involved in the repayment arrangement have welcomed the latest recovery as a significant step towards resolving the dispute between Nestoil and the financial institutions.
Despite the progress, a substantial portion of the outstanding debt remains unpaid. The recovery stems from a structured repayment arrangement agreed upon in a meeting chaired by EFCC Chairman, Olanipekun Olukoyede. Nestoil has obtained multiple bilateral credit facilities from various lenders since 2010, which were later consolidated under the "Global Club" arrangement in 2023.
However, repayment defaults continued after the restructuring, leading to a court injunction in October 2025. The latest recovery is a significant development in the ongoing effort to recover the remaining obligations, which are crucial for maintaining Nigeria's financial system's stability and integrity.
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